In our last library article, we discussed five different benefits that come with landlords requiring renters insurance. If you aren’t yet convinced, here are three more:
- Decrease your chances of a lawsuit. If a tenant suffers significant losses and does not have renters’ insurance coverage, he or she may argue that your insurance should cover the damages. These arguments could end up in court, costing you time, resources, energy, and money.
- Increase chances of quick cleanup. Many renters insurance policies don’t just pay for lost or damaged property, they also pay for someone to clean up the mess. In the event of a fire or flood, your renter might move on without bothering to clean up after themselves, especially if they aren’t being reimbursed for their ruined property. While your security deposit could help with cleanup, it may not cover all of the costs.
- Decrease your chances of a move out. If a renter isn’t compensated for his or her losses, such as damaged furniture, they may need to move out, either for financial reason or because they don’t want to deal with cleaning up and replacing their lost goods. This leaves the landlord without a paying renter—and often with a damaged apartment.
If your apartment building or rental property has been damaged, it can be difficult to know who is responsible for the losses and who should file claims with their insurance company. If you are a landlord struggling with insurance claims in the wake of rental property damage, you may need the assistance of an experienced commercial claims attorney. Call the Voss Law Firm today to learn more about our legal services or to schedule an appointment: 888-614-7730.